Generali announced on July 20, 2026 that it has launched a plan for Europe’s sovereignty, named the European Sovereignty Program.

The company describes it as «an investment program designed to strengthen the resilience of the European economy, support small and medium-sized enterprises (SMEs) and foster sustainable growth, in line with the strategic priorities of the European Union».

Under the plan, the insurance group will commit €300 million (about $324 million), taking «a diversified approach across the main asset classes, combining equity and debt instruments, listed and private investments».

How the program is structured

The plan will be built around «a Fund of Funds structure and will leverage the distinctive capabilities of the companies within Generali Investments Holding (GIH)». Specifically, Generali AM will be responsible for the two sub-funds dedicated to private and infrastructure equity and to direct lending, while Sycomore AM will manage the sub-fund focused on listed equity markets.

The insurer specified that the investments will be directed primarily at «continental Europe, with particular attention to Italy, France and Germany».

Philippe Donnet, Generali’s Group CEO, commented:

«The Group’s new investment program further strengthens our commitment to supporting the growth of the European real economy, at a time of increasing geopolitical uncertainty. In its role as insurer and responsible investor, Generali is able to mobilize long-term capital in support of projects that contribute to Europe’s resilience, competitiveness and autonomy. With this initiative we confirm the Group’s intention to put its expertise and investment capabilities at the service of stronger, more innovative and more sustainable growth».

Luca Cetrano, Generali’s Group Chief Investment Officer, added:

«The new investment program allows us to direct capital toward strategic sectors capable of strengthening the continent’s resilience, its strategic autonomy, economic independence and sustainable growth. Through a combination of investments in public and private assets, in line with our disciplined approach and our responsible investor framework, we intend to improve access to long-term financing for companies, SMEs and infrastructure, contributing to the development of more resilient, innovative and competitive industrial supply chains».

Filippo Casagrande, Chief of Investments at Generali Investments, said that «Generali Investments is making available the specialist expertise of its asset management platform in order to capture, through an integrated and complementary approach, the opportunities linked to the strengthening of European sovereignty».

How, in practice? «The strategies identified allow us to act synergistically and on several levels: from investing in listed companies, with particular attention to SMEs active in strategic sectors, to the direct financing of the SMEs that feed European industrial supply chains, through to the selection of managers specialized in private equity and infrastructure».

Casagrande spelled out the target areas:

«We aim to channel capital toward key areas such as the energy transition, digitalization, cybersecurity and AI, and toward strengthening critical supply chains».

The Draghi and Letta reports as a reference point

In the statement released on Monday, Generali stressed that «the initiative arises in a context in which Europe is facing profound geopolitical and economic transformations, which make it a priority to strengthen its strategic autonomy and the security of its value chains».

That is a direct reference to the reports on European competitiveness and growth drawn up by former Italian prime ministers Mario Draghi and Enrico Letta — two documents commissioned by EU institutions that have become the standard reference for the debate on how Europe closes its investment gap with the United States and China.

The Lion of Trieste — Generali’s traditional nickname, from the winged lion on its corporate emblem — wrote that «in this framework, in line with the indications that emerged from the Draghi and Letta reports on the future of European competitiveness, investments in energy and independence from raw materials, critical infrastructure, digital transformation and technological innovation are central».

And further: «in this scenario, the contribution of private capital is essential to complement public resources and close the financing gap, above all in favor of SMEs, which represent the backbone of the European productive system but continue to encounter difficulties in accessing long-term capital».

Through the European Sovereignty Program and its dedicated investment platform, Generali will invest above all in SMEs, «improving access to long-term capital and supporting the resilience of European industrial supply chains».

The announcement comes just days after a call from Fabio Panetta, Governor of the Bank of Italy (Banca d’Italia, the country’s central bank), who in a speech the previous week highlighted the need to mobilize capital in favor of private equity and venture capital as well.

Editor’s note

This article was originally published in Italian on money.it by Laura Naka Antonelli on July 20, 2026 as «Generali lancia il Piano per la Sovranità dell’Europa. Finanziamenti alle PMI e non solo». It has been translated and adapted for an international audience by the Money.it International desk.